Dean Metropoulos will continue to be chairman and William Toler, a food industry veteran that Hostess hired to lead it after its bankruptcy, will still be CEO.

The merger was supposed to be official by the end of the third quarter. But it has not been completed yet. Representatives from Gores and Hostess were not immediately available for comment about the delay.

Still, it seems like some investors aren't waiting for the deal to close. They have been eagerly eating up shares of Gores.

It may be a risky bet though. Hostess did go bankrupt after all, and it's not certain that the new Hostess will fare any better. After all, many Americans are trying to eat healthier and avoid high calorie, sugary treats.

But for what it's worth, Hostess did report revenue of $650 million in the 12-month period that ended in May. It also reported an adjusted profit, which backs out various charges and expenses, of $220 million.

So even though many feared that Hostess was going to die after its bankruptcy, the company (and its new stock) is turning out to be as indestructible as a Twinkie. Although that talk of Twinkie surviving a nuclear explosion is probably just a myth, right?